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  • Asian indices were mixed as the auto-driven positivity from Wall St. was countered by the blacklisting of Huawei and disappointing regional earnings
  • UK PM May is to face the 1922 committee today, with the committee to hold a meeting immediately after; cross-party talks with Labour remain on the verge of collapsing
  • Looking ahead, highlights include US Building Permits, Housing Starts, Initial Jobless Claims & Philadelphia Fed Business Index, Canadian...
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  • European Indices [Euro Stoxx 50 -0.6%] fail to maintain the positive lead from Asia-Pac as sentiment turns risk-off
  • Bunds have breached the 167.00 level supported by the deteriorating sentiment and the ongoing political turmoil in Italy with the BTP spread blowing out further towards 300bp
  • Looking ahead, highlights include US NY Fed Manufacturing, Retail Sales, Industrial Production, Manufacturing Output, Business Inventories, NAHB, Canadian CPI, Fed’s Quarles, Barking, Rosengren & George; ECB’s Coeure...
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  • Asian indices were firmer after positive comments from US President Trump regarding China trade; although, gains were capped by poor earnings and data
  • UK PM May’s government has confirmed that the Withdrawal Agreement will be put to Parliament in the first week of June
  •  Looking ahead, highlights include EZ GDP, US NY Fed Manufacturing, Retail Sales, Industrial Production, Manufacturing Output, Business Inventories, NAHB, Canadian CPI, IEA Monthly Oil Report,...
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  • Major European indices [Euro Stoxx 50 +0.6%] are firmer as risk sentiment begins to unwind slightly after yesterday’s sell-off
  • China Global Times Editor states that China may release additional retaliatory measures; notably, China declined to comment on US Treasury holdings
  • Two Saudi Aramco oil pumping stations have been attack in Riyadh; Saudi Energy Minister states that Aramco has halted pumping in the east-west pipeline
  • In FX, the risk sentiments improvement has happened at the detriment of safe...
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  • Asian indices were subdued after China’s tariff retaliation and the USTR posting details on tariffs for an additional USD 300bln; although, sentiment was aided by optimism from US President Trump
  • Cross party Brexit talks reportedly made no progress, while PM May is under pressure to abandon compromise attempts and is considering definitive votes to break the Brexit deadlock
  • Looking ahead, highlights include German CPI (F), ZEW, UK Employment Change, US Import &...
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  • European indices are downbeat [Euro Stoxx 50 -0.5%] following on from the performance of their Asian counterparts as focus remains firmly on US-China trade uncertainty
  • China Global Times Editor believes that China has not yet released countermeasures immediately as China may be drafting a plan which will have precise effects
  • In FX, the safe haven’s JPY and CHF are outperforming while antipodeans are underperforming with FX largely dictated by the trade induced...
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  • MON: Norway GDP.
  • TUE: OPEC MOMR, Swedish CPIF, Germany ZEW Survey, China IP, UK jobs data, BCB mins.
  • WED: US retail sales, IEA Oil Market Report, EZ GDP (2nd reading), Germany Prelim GDP, Canadian CPI, US IP.
  • THU: Banxico, Aus jobs data, Indonesian rate decision, Eurogroup meeting.
  • FRI: EZ CPI (Final), US auto tariff decision.
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  • Asian stocks and US equity futures began the week negative as focus remained on the US-China trade tensions
  • President Trump thinks China felt they were being beaten so badly on negotiations that they may as well wait around for next election, but warned that a deal will become far worse for them if it is negotiated during his second term
  • UK PM May is being pressured by cabinet ministers to drop cross-party Brexit talks and launch a final attempt to reach a...
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  • Asian stocks and US equity futures began the week negative as focus remained on the US-China trade tensions
  • President Trump thinks China felt they were being beaten so badly on negotiations that they may as well wait around for next election, but warned that a deal will become far worse for them if it is negotiated during his second term
  • UK PM May is being pressured by cabinet ministers to drop cross-party Brexit talks and launch a final attempt to reach a...
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  • US President Trump increased tariffs from 10% to 25% on USD200bln of Chinese goods; however, he did comment that a trade deal is possible this week
  • Major European Indices [Euro Stoxx 50 +0.8%] are firmer following the choppy overnight action as sentiment turned risk-on as market’s remain hopeful that a deal can be secured
  • Looking ahead, highlights include US CPI, Canadian Building Permits & Jobs Report, Fed's Brainard, Bostic & Williams, ECB's...
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  • US President Trump has increased tariffs to 25% from 10% on USD 200bln of Chinese goods; China says they will take countermeasures
  • Choppy price action in Asian equities with Chinese Vice Premier Liu He reportedly stating that it is now up to President Trump and President Xi to work this out
  • Looking ahead, highlights include German Trade Balance, UK GDP, Industrial, Manufacturing & Construction Output, US CPI, Canadian Building Permits & Jobs Report, Fed's...
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  • Major European indices [Euro Stoxx 50 -1.0%] remain subdued in-line with the performance seen overnight on continuing US-China uncertainty
  • On the geopolitical front, and adding to the risk-off sentiment, reports state that North Korea fired what is likely to be two short-range missiles
  • Looking ahead, highlights include US PPI & Wholesale Inventory, Fed's Powell, Bostic & Evans, RBNZ's Orr, supply from the US

 

ASIA-PAC

Asian equity markets were...

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  • Asian indices were negative ahead of the Chinese delegation arriving in Washington for the resumption of trade talks
  • In FX, the DXY was steady along with other safe havens while remaining G10 currencies are subdued/flat vs USD
  • Looking ahead, highlights include US PPI & Wholesale Inventory, Norges Bank Rate Decision, ECB's Lane & Nowotny, Fed's Powell, Bostic & Evans, RBNZ's Orr, supply from the UK & US
  • Earnings: UniCredit,...
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  • Source reports indicate that China backtracked on legal issues affecting nearly every section of the proposed US trade agreement
  • Major European indices [Euro Stoxx 50 -0.3%] have given up the mornings initial gains as sentiment turns once again on US-China updates
  • FX markets are broadly reflecting the tentative tone, with JPY supported as a risk haven and Cable subdued on uncertainty around PM May’s departure
  • Looking ahead, highlights include, ECB's Draghi, Fed's Brainard, Riksbank's af Jochnick,...
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  • Asian equity markets were mostly negative as ongoing US-China trade uncertainty continued to take its toll on risk sentiment
  • UK PM May will reportedly stay in office until the Conservative party conference in September after setting a new summer deadline to finalize Brexit talks
  • RBNZ cut rates by 25bps and lowered its forecasts for the future OCR path
  • Looking ahead, highlights include, Swiss Unemployment Rate, German Industrial Output, BoE's...
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  • European Indices have drifted lower as the day progressed [Euro Stoxx 50 -0.6%], in-spite of reports that China’s VP Liu He is to attend trade talks in the US providing a boost to sentiment
  • In FX, AUD is outperforming after the RBA stood pat and were less Dovish than anticipated in their statement; remaining G10 currencies are little changed vs USD.
  • Looking ahead, highlights include US JOLTS EIA Short Term Energy Outlook, Fed's Kaplan & Quarles, BoE's Haldane, Supply from...
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  • Asian equities traded mixed as sentiment remained at the whim of the ongoing US-China trade uncertainty
  • US Trade Representative Lighthizer confirmed the US will increase tariffs on China on Friday if there is no deal and that China was reneging on commitments
  • UK PM May is facing fresh calls from within her party to step down as she attempts to secure a deal with Labour to break the Brexit deadlock
  • Looking ahead, highlights include German Industrial Orders, US JOLTS, EU Commission Economic Forecasts,...
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  • European indices [Euro Stoxx 50 -2.0%] have succumbed to the risk off tone as US President Trump has threatened to hike tariffs on China, with Asia afflicted overnight from this, US equity futures are likewise subdued.
  • Subsequently, China’s Foreign Ministry states that they hope the US can meet China halfway and are preparing to go to the US; although, they refrained to comment in Vice Premier Liu He will attend.
  • In FX, safe havens propser while the remaining G10 currencies broadly underperform the...
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  • Monday: UK Holiday
  • Tuesday: RBA Monetary Policy Meeting, EIA Short-Term Energy Outlook, Australian Retail Sales and Trade Balance, German Industrial Orders and Output, Japan returns from Golden Week Holiday
  • Wednesday: RBNZ Monetary Policy Meeting, Brazilian Central Bank Monetary Policy Meeting, JMMC Meeting, China Trade Balance
  • Thursday: Norges Bank Monetary Policy Meeting, US International Trade
  • Friday: UK...
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  • Asia-Pac indices and US equity futures began the week with heavy losses as President Trump heightens tensions in the US-China trade war

· Subsequently, China is reportedly mulling cancelling trade discussions this week following US President Trump's tariff threats

·UK PM May remains optimistic that she is nearing a deal with the opposition Labour party on Brexit; MPs in her party and across the aisle are less upbeat about the prospects for a...

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  • European indices on the front foot [Euro Stoxx 50 -0.3%], but bonds backpedaling pre-NFP
  • USD remains firm with the DXY just below the 98.0 level ahead of NFP
  • Looking ahead, highlights include US Jobs Reports, US ISM Non-Manufacturing, Fed's Evans, Clarida, Williams & Bowman
  • Earnings: Berkshire Hathaway, American Tower

 

ASIA-PAC

Asian equity markets were mixed with the region cautious ahead of the looming US NFP data and after losses on Wall...

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  • Asian equity markets were mixed with the region cautious ahead of the looming US NFP data and after losses on Wall St
  • A report suggested that US and China trade talks may have hit an impasse. However, comments from US Commerce Secretary Ross suggested the two nations are in the end-game of negotiations
  • Latest UK local council election results show Labour Party councillors dropped by 53 to 601 and Conservative party councillors dropped by 117 to 512 in England
  • Looking ahead, highlights include UK...
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  • European indices [Euro Stoxx 50 -0.3%] have traded indecisively this morning as the region struggles to find direction
  • In FX, the USD has lost a degree of its post-FOMC momentum, with the EUR garnering support from the EZ PMIs this morning
  • On the trade front, reports indicate that Chinese Foreign Minister Yi is to travel to the US on Tuesday
  • Looking ahead, highlights include, US Initial Jobless Claims and Labour Costs, US Factory Orders, BoE Rate Decision, QIR and Press Conference, ECB's...
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  • FOMC left rates unchanged as expected and announced a ‘technical’ cut in the IOER; Chair Powell stated that he does not see the case for moving policy in either direction
  • Asian indices were mixed, as most of the region returned from market holidays, somewhat diverging from the negative Wall St lead
  • Sources state that a US-China trade deal may be possible by next week, with reports indicating that there has been significant progress; however, the details still need to be worked out
  • Looking ahead,...
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  • Markets have been quiet due to the mass closures for Labour Day, while the FTSE 100 (+0.1%) is similarly uninspiring
  • In FX sterling outperforms but the broadly in line PMI did little for the currency, while NZD underperforms following the weak jobs data
  • Looking ahead, highlights include US ADP & Construction Spending, US ISM Manufacturing PMI, FOMC Rate Decision & Press Conference, BoC's Wilkins and Poloz
  • Earnings: CVS, Qualcomm. CME Group, Automatic Data Processing,...
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